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A trademark was acquired at the beginning of 2019 for $40,000. No amortization has been recorded since its acquisition. The maximum allowable acquisition period is

A trademark was acquired at the beginning of 2019 for $40,000. No amortization has been recorded since its acquisition. The maximum allowable acquisition period is 10 years.

Assume that the trial balance has been prepared but the books have not been closed for 2020. Prepare the necessary journal entry showing the adjustments that are required. on Intermidate Accounting

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